The 50-hour simple moving average guided the EUR/JPY currency pair up during yesterday’s trading session.

The exchange rate breached the 50-hour SMA at 122.85 during the morning hours of today’s trading session.

Given that a breakout had occurred, most likely, the common European currency could edge lower against the Japanese Yen today.

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The potential downside target for bearish traders will be near a support level formed by the 100-hour SMA at 122.54 during the following trading session.

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